EURUSD Daily Pivots
| R3 | 1.2551 |
| R2 | 1.2497 |
| R1 | 1.2469 |
| Pivot | 1.2415 |
| S1 | 1.2387 |
| S2 | 1.2333 |
| S3 | 1.2305 |
EURUSD managed to end the day higher rallying to as far as the daily pivot level yesterday. Today’s price action currently see’s a small bearish reversal underway, but we can expect to see a potential retest to the main support/resistance level of 1.25278 which will yet again be critical in regards to future price action for EURUSD. If EURUSD fails to break above 1.25278, a decline back to 1.23695 is possible and a potential to drop to as low as 1.2271 levels. Alternatively, a break above the resistance of 1.25278 could see some choppy price action until price manages to break above the trend line.
USDJPY Daily Pivots
| R3 | 119.543 |
| R2 | 119.015 |
| R1 | 118.64 |
| Pivot | 118.112 |
| S1 | 117.737 |
| S2 | 117.209 |
| S3 | 116.834 |
USDJPY’s failure to rally above the previous highs at 118.974 and a break below the long rising trend line is indicative of potential weakness in USDJPY. We could possibly see a retest of the minor down sloping trend line with the first support coming in at 117.572 levels and probably a decline lower to retest the minor down sloping trend line. Alternatively, a rally could see potential resistance near the daily pivot level of 118.112.
GBPUSD Daily Pivots
| R3 | 1.5823 |
| R2 | 1.5769 |
| R1 | 1.5737 |
| Pivot | 1.5683 |
| S1 | 1.5651 |
| S2 | 1.5597 |
| S3 | 1.5565 |
GBPUSD managed to hold on to its gains after rallying modestly yesterday. Price briefly declined to the minor support level of 1.56723 but is now currently back to trading below the main support/resistance level. A rally above this level is required to see further gains to 1.5736 while a decline could potentially test the lower support line of the price channel.
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